Note L — Leases

The information pertaining to leases on the condensed consolidated balance sheet is as follows:


		As of September 30,
(in thousands)	Classification	2019
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	109,838
Finance lease right-of-use assets	Other assets		613
Total lease assets		$	110,451
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	32,437
Finance	Current portion of long-term debt		261
Noncurrent
Operating	Operating lease liabilities		88,719
Finance	Long-term debt, less current portion		365
Total lease liabilities		$	121,782

The components of lease cost recognized in the condensed consolidated statement of operations are as follows:


	For the Three Months Ended		For the Nine Months Ended
(in thousands)	September 30, 2019		September 30, 2019
Operating lease cost	$	11,238	$	32,868
Finance lease cost
Amortization of right-of-use assets		75		225
Interest on lease liabilities		6		18
Sublease income		(117)		(196)
Short-term lease cost		46		460
Variable lease cost		1,551		4,581
Total lease cost	$	12,799	$	37,956

Future minimum rental payments, by year and in the aggregate, under operating and financing obligations with terms of one year or more at September 30, 2019 are as follows:


	Finance		Operating
(in thousands)	Leases		Leases		Total Leases
2019 (remainder of year)	$	77	$	5,900	$	5,977
2020		263		41,500		41,763
2021		191		32,093		32,284
2022		106		24,128		24,234
2023		26		16,181		16,207
2024		—		8,963		8,963
Thereafter		—		7,271		7,271
Total future minimum lease payments		663		136,036		136,699
Imputed interest		(37)		(14,880)		(14,917)
Total	$	626	$	121,156	$	121,782

The lease term and discount rates are as follows:


	September 30, 2019
Weighted average remaining lease term (years)
Operating leases	4.01
Finance leases	2.70
Weighted average discount rate
Operating leases	5.45	%
Finance leases	4.22	%

Supplemental cash flow information related to leases is as follows:


	For the Nine Months Ended
(in thousands)	September 30, 2019
Cash flows for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	33,523
Operating cash flows from finance leases		18
Financing cash flows from finance leases		233
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		34,355
Finance leases		282

Future minimum rental payments, by year and in the aggregate, under operating and financing obligations as of December 31, 2018 are as follows:


	Operating		Capital
(in thousands)	Leases		Leases
2019	$	39,378	$	249
2020		29,641		175
2021		21,303		109
2022		14,479		28
2023		9,193		—
Thereafter		10,008		—
	$	124,002	$	561

In August 2019, we entered into a lease agreement for a distribution facility in Georgia. The commencement date of the lease is expected to be in April 2020. The initial term of the lease is 127 months, with the option to extend the lease for up to two consecutive 60-month terms. The lease provides for annual base rent of approximately $1.0 million in the first year after a seven-month rent-free period following the lease commencement date, with subsequent annual increases of approximately 2%. In connection with the lease, the landlord has provided a tenant improvement allowance of $2.2 million to build-out certain improvements to the distribution facility.